AngloGold’s gold production rises 9%, estimates $240m earnings in 2nd quarter 2012

AngloGold Ashanti on July 23, 2012 reported strong 2012 second quarter gold production of 1.073 million ounces (Moz), which represents a 9% rise on the first quarter, at an estimated total cash cost of $800/oz – $805/oz.

The result is better than the company’s market guidance for the quarter of 1.04 Moz at a total cash cost of $840/oz – $845/oz, due largely to strong operating performances from the groups continental Africa region and the Americas region.

The Johannesburg-based miner said production from the South African operations also improved over the period, and was 18% higher than the first quarter of 2012.

AngloGold says adjusted headline earnings for the quarter are estimated at between $240 to $255 million.

When compared with the first quarter of 2012, exploration and other expenditures were higher, though in line with annual guidance provided in February of this year.

By Ekow Quandzie